Kaigo Securities screens clients for AML compliance with Finscan
05 October 2009 | 1214 views | 0
FinScan, a leading international provider of sanctions, PEP and heightened risk entity screening solutions, today announced that Kagiso Securities Limited (KSL), the stock brokerage arm of Kagiso Trust Investments (KTI), has implemented FinScan Hosted as the organisation's compliance screening solution. KSL, a leading South African provider of gilt, equity and money market trading services to local and foreign institutional and corporate clients, chose FinScan to reduce enterprise risk of doing business with sanctioned entities and to comply with Anti-Money Laundering and Anti-Terrorist Financing sanctions screening requirements of the Financial Action Task Force (FATF), the Financial Intelligence Centre Act, 2001 (FIC Act), and Money Laundering and Terrorist Financing Control (MLTFC) regulations.
"The KSL Compliance Department implemented the FinScan system in August 2009, and we have already found it very helpful in minimising risk and ensuring compliance with the required legislations," said Elizabeth Rudman, KSL compliance manager. "It is certainly user friendly and has proven most efficient for screening the company's client database against the various sanction lists. In addition, its systematic audit trails on screened results greatly simplify our record keeping and compliance with the FIC's legislative requirements."
FinScan's comprehensive list screening package and fast, easy implementation offer organisations like KSL the ability to comply with screening regulations with minimal distraction from their core business. FinScan reduces the operational burden of compliance screening by providing sanctions list management and updating services, and automatically producing regulation-required audits and due diligence reports. Clients can choose to deploy FinScan on a hosted or licensed basis, and then switch deployments if their business or screening needs change.
"KSL has been at the forefront of the Johannesburg Stock Exchange's (JSE) efforts to implement suspect screening, and we are pleased to be a part of their commitment," said John Haley, FinScan sales and marketing manager. "FinScan's powerful screening capability integrates smoothly into KSL's state-of-the-art trading operations, providing proven screening accuracy without interfering with trading efficiency or customer service."
Used in thousands of projects worldwide, FinScan's robust matching engine facilitates the efficient and accurate screening of large volumes of records with very precise, user-configurable rules for flagging suspicious records. This process greatly reduces the risk associated with missing real matches (false negatives), and minimises the time and cost associated with researching false matches (false positives).